Ecobank Nigeria’s credit rating downgraded to CCC-, outlook negative
Ecobank Nigeria’s long-term issuer credit rating has been downgraded to ‘CCC-’ from CCC, with the outlook placed at negative by S&P Global Ratings. This is a resultant effect of the $150 million bond buyback offer on the bank’s $300 million…
Access Bank takes over Standard Chartered Bank
After operating for 130 years, Standard Chartered Bank will cease to operate in The Gambia today, 13th June and has been acquired by the Nigerian banking titan, Access Bank. This information was revealed by the governor of Central Bank of…
Tony Elumelu raises stake in UBA with N1.5bn share acquisition
Tony Elumelu, chairman of United Bank for Africa (UBA), has acquired over 45 million shares in the financial institution. Bili Odum, group company secretary, announced the transaction in a regulatory filing on the Nigerian Exchange Group (NGX) on Tuesday. …
Otedola credits Tinubu, Cardoso for boosting confidence in First Bank
Femi Otedola, Chairman of First Holdco Plc, has attributed his ₦320 billion personal investment in First Bank to the Federal Government’s economic reforms and the Central Bank of Nigeria’s policy measures. Speaking at the 13th Annual General Meeting of First…
World Bank appointment: I’m honoured, says Dangote
President/Chief Executive of Dangote Group, Aliko Dangote The President and Chief Executive of the Dangote Group, Aliko Dangote, has expressed gratitude over his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with boosting investment and job…
Obi Cubana to set up tricycle plant in Ebonyi
Renowned entrepreneur, Dr Obinna Iyiegbu, popularly known as “Obi Cubana”, has announced plans to inaugurate a tricycle assembly plant in Ebonyi. Iyiegbu, Chairman of Cubana Group of Companies, disclosed this on Tuesday in Abakaliki while speaking to journalists after…
How Nigeria lost its textile market to Chinese imports
Nigeria’s textile production was once a vibrant, booming sector and a key part of its economy. But the industry has since been brought to its knees by cheap imports from China. Is there a chance of recovery? How Nigeria lost…
Lagos drivers reveal the most profitable ride-hailing apps
When Uber launched in Lagos in 2014, drivers like Kayode Olaniyan made as much as ₦300,000 a week. Today, the story is different. Ride-hailing has become a survivalist hustle, with drivers juggling multiple platforms to maximize earnings amid rising fuel…
BREAKING: Again, Dangote Reduces Petrol Price
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025. The price adjustment, according to…
GTBank Removes All POS Processing Fees To Support Businesses In Nigeria
For more information, merchants are encouraged to contact their Relationship Managers or reach out to the Digital Banking Support Team at poshelpdesk@gtbank.com. GTBank has removed all POS Processing Fees to support businesses in Nigeria. Studiocb55news reports that Guaranty Trust Bank…